Today’s Key Market Drivers: 15th November 2018
“Pound rallies after new draft Brexit deal announced.”
There are some weeks throughout the year that I am glad I don’t have trades in the market and this week is one of them. Whipsaws back and forth all over the place and it’s these sorts of trading weeks many novice retail traders consistently lose money trying to chase the market. Just because the market is moving doesn’t mean you have to place a trade. I haven’t been filled on an order for over a week and whilst I do love the thrill of the chase as a trader (you have too) patience and discipline is the key to staying in the game and making meaningful returns. If you keep chasing price you’ll keep losing I guarantee it.
The British Pound rallied on Wednesday after Theresa May secured support for a draft Brexit agreement with the European Union. The British PM said “I firmly believe that the draft withdrawal agreement was the best that could be negotiated. The choices before us were difficult but the collective decision by Cabinet was that the government should agree to the draft withdrawal agreement and the outlying political declaration.”
So, it appears we will likely see a deal done before Xmas and provided the agreement is not stalled the upward momentum on the Pound should persist against most of its rivals. As I noted in previous reports once a Brexit deal is signed off it will be a green light for the Bank of England to continue to raise interest rates and this will likely see a flood of money come for the Pound over the coming 6 to 9 months. I am not in a screaming hurry to buy the Pound and will enter a long position when the opportunity presents that meets my trading plan.
US inflation data met the market’s estimates on Wednesday but German GDP and UK CPI missed their numbers. Euro Zone GDP met market expectations and I suspect if a Brexit deal can now be finalised this will be good news for those traders looking to get long on the Euro. With Europe being the UK’s biggest trading partner the good Brexit news is bound to rub off on the Euro.
US Retail Sales is the only other noteworthy high impacting data number set for today. Look after your risk and don’t chase prices when they whipsaw back and forth.
It is an honour and privilege to have Gary Gorrow, one of the world’s foremost meditation teachers as a keynote speaker and trainer at Trading Mastery 2019. Gary Gorrow is a Vedic Meditation Practitioner (Master Teacher). A Qualified Ayurvedic Health Coach. Mindfulness Expert. Founder and Director of the Conscious Club. Co-creator of Conscious Currency. He is also a highly sort after Consultant and High-Performance Coach, Motivational Speaker and Social Entrepreneur. Gary will share with you meditation techniques to neutralise stress and anxiety, grow your mind to improve focus and alertness, improve your concentration and productivity and increase your happiness and optimism.
“Gary has made a huge impression on my life. He hasn’t just found an elegantly simple way of teaching meditation, Gary goes so much further with his philosophies of life and living. His words are so valuable that everyone should hear them”
Jamie Durie, Television Personality
100 Early Bird Tickets will go on sale for members of LTG GoldRock from Monday 26th November when the official Trading Mastery website is launched. I expect all available tickets will be snapped up within the first week so make sure you keep March 16th – 18th 2019 free in your diary and don’t waste any time when tickets do go on sale.
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About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular keynote speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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